8-flat in Chicago, IL
Looking for financing on fully-occupied 8-unit in Chicago. Sales price $200,000; building value $280,000. Rent is low in that area, each unit is going for an average of $425/mo.
Borrowers have credit in the 500’s excellent repayment history, except one has a 1—90 on a Capital One card and the other has a medical collection and a perfect mortgage history. Great income; attorney w/ 60K & health care w/ 52K. Looking to do seller carryback for LTV balance. Borrowers are prepared to invest $10K-15K. If this has to go towards the purchase price, were looking for concession in closing costs.